MILAN, Nov 13 (Reuters) - Italian publisher RCS MediaGroup said on Wednesday it expected 2013 revenues down 12 percent and a full-year net loss, as the advertising markets in Italy and Spain continue to be hit by an economic downturn.
In a statement, RCS, which publishes Italy’s leading newspaper Corriere della Sera and Spain’s El Mundo, said core profits before non-recurring items would be less than 3 percent of sales as a result of cost cutting measures.
It said benefits from efficiency measures of over 62 million euros ($83.31 million) exceeded its forecasts.
The net loss in 2013 would not however differ substantially from forecasts laid out in its business plan, RCS said.
In the first nine months of 2013, RCS’s net loss shrank to 175.3 million euros from 380.5 million euros a year earlier, while revenues fell to 965.4 million euros from 1.119 billion euros a year ago.
Net debt was 547.4 million euros at end September. ($1 = 0.7442 euros) (Reporting by Danilo Masoni)